More than six months after breaking ground on One Paraiso, a planned 53-story condo tower in Miami’s Edgewater neighborhood, the Related Group has signed off on $117.5 million in financing for the project.
The funds were provided by the real estate investment arm of financial company TPG, which has $74.8 billion in capital under its management, according to the company’s website.
Carlos Rosso, president of Related Group’s condo division
Sales were launched for One Paraiso last year in April, and groundbreaking followed a few months later in December. The project is expected to finish in 2017.
Located at 3131 Northeast 7th Avenue, the tower will house 276 units that range in price from $600 to $700 per square foot. It was designed by Arquitectonica, and prominent local restaurateur Michael Schwartz has signed on to open an eatery and beach club at the tower.
One Paraiso is part of a larger five-acre waterfront complex that, in its current iteration, will house four condo buildings.
Earlier this year, Related inked a $93 million construction loan for another of its towers in the complex, Paraiso Bay.